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| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{lang|[code]|[name]}}. -->
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{lang|[code]|[name]}}. -->
| former_name =
| former_name =
| type = Public
| type = Private
| traded_as =
| traded_as =
| industry = [[oil and gas industry|Oil and gas]] <ref name="Hall 2007"/>
| industry = [[oil and gas industry|Oil and gas]] <ref name="Hall 2007"/>
| founded = 2004 <!-- if known: {{start date|YYYY|MM|DD}} in [[city]], [[country]] -->
| founded = 2004
| founder = <!-- or: | founders = -->
| founder = Sam Malin, [[Alan Bond]]
| hq_location = [[Bermuda]]]
| hq_location =
| hq_location_city =
| hq_location_city =
| hq_location_country =
| hq_location_country = [[Singapore]]
| area_served = <!-- or: | areas_served = -->
| area_served = <!-- or: | areas_served = -->
| key_people = Andrew Morris (Non-Executive Chairman)<br/>Stewart Ahmed, Chief Operating Officer & General Manager
| key_people = Al Njoo (Chairman & CEO)
| products =
| products = [[Heavy crude oil]]
| brands =
| brands =
| services =
| services =
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'''Madagascar Oil SA''' is an [[oil company]] operating in [[Madagascar]]. It is the principal [[Onshore (hydrocarbons)|onshore]] oil company in Madagascar in terms of oil resources and land.
'''Madagascar Oil SA''' is an [[oil company]] operating in [[Madagascar]]. It is the principal [[Onshore (hydrocarbons)|onshore]] oil company in Madagascar in terms of oil resources and land.


Madagascar Oil's operational office is in [[Antananarivo]], Madagascar and its administrative offices are in [[Hamilton, Bermuda|Hamilton]], [[Bermuda]] and [[Port Louis]], [[Mauritius]] Texas. Its COO and General Manager is Stewart Ahmed.<ref name="IPE 2008"/><ref name=baobab/> Prior to this, the company was based in [[Houston]], [[Texas]] and earlier in [[London]], England.<ref name="Perin 2007"/> The company's flagship [[oil field]] is located in [[Tsimiroro]].<ref name="Reuters-1">{{cite news |url=http://uk.reuters.com/article/africa-oil-madagascar-idUKL5E8LU6VE20121030|title=Madagascar Oil sees crude flowing from island soon|author=|date=30 October 2012|work=[[Reuters]] | accessdate=15 December 2015}}</ref> Madagascar Oil wholly owns its subsidiary, Madagascar Oil [[S.A. (corporation)|S.A.]]
Madagascar Oil's operational office is in [[Antananarivo]], Madagascar and its administrative offices are in [[Singapore]]. Its Chairman is Indonesian national Al Njoo.<ref name="njoo">{{cite news |last1=O’Dell |first1=Alastair |title=Heavy hitter searches for global reach |url=https://www.petroleum-economist.com/articles/upstream/exploration-production/2020/heavy-hitter-searches-for-global-reach |accessdate=16 April 2020 |work=Petroleum Economist |date=4 February 2020 |location=Houston, Texas}}</ref><ref name="IPE 2008"/><ref name=baobab/> Prior to this, the company was based in [[Houston]], [[Texas]] and earlier in [[London]], England.<ref name="Perin 2007"/> The company's flagship [[oil field]] is [[Tsimiroro]] in the [[Morondava Basin]] of western Madagascar.<ref name="Reuters-1">{{cite news |url=http://uk.reuters.com/article/africa-oil-madagascar-idUKL5E8LU6VE20121030|title=Madagascar Oil sees crude flowing from island soon|author=|date=30 October 2012|work=[[Reuters]] | accessdate=15 December 2015}}</ref> Madagascar Oil wholly owns its subsidiary, Madagascar Oil [[S.A. (corporation)|S.A.]]


==History==
==History==
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Madagascar Oil focuses on the development, exploration and production of [[petroleum]]. In 2008, Madagascar Oil held the largest licensed [[Onshore (hydrocarbons)|onshore]] acreage in Madagascar.<ref name="Gunter 2008"/> Madagascar Oil holds the large [[Heavy crude oil|heavy oil]] fields of [[Tsimiroro]] and [[Bemolanga]], which are their primary oil fields.<ref name="Reuters-1"/><ref name="Reuters 2013"/>
Madagascar Oil focuses on the development, exploration and production of [[petroleum]]. In 2008, Madagascar Oil held the largest licensed [[Onshore (hydrocarbons)|onshore]] acreage in Madagascar.<ref name="Gunter 2008"/> Madagascar Oil holds the large [[Heavy crude oil|heavy oil]] fields of [[Tsimiroro]] and [[Bemolanga]], which are their primary oil fields.<ref name="Reuters-1"/><ref name="Reuters 2013"/>


The company operates the Tsimiroro field, while [[Total S.A.]],<ref name="Gunter 2008"/> its farm-in partner, operates the Bemolanga field.<ref name=selstrom/> 1.7 billion barrels of proven heavy [[oil reserves]] exists at Tsimiroro, at a depth of between 100m to 200m.<ref name="Pons 2012"/> In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.<ref name="Madison 2015"/> On Madagascar Oil's blocks, examples include Manambolo West 1, drilled in 1987 and which flowed {{convert|15.6|e6cuft|m3}} per day on a drill stem test as well as the Manadaza well drilled in the early 1990s that flowed 41° API [[light crude oil]].{{citation needed|date=December 2015}} Analysis of the data from the 2009 seismic survey defined potential reservoir structures of over {{convert|1.0|Goilbbl|m3}} in size.{{citation needed|date=December 2015}}
The company operates the 100%-owned Tsimiroro heavy oil field, while [[Total S.A.]],<ref name="Gunter 2008"/> its farm-in partner, operates the 40%-owned Bemolanga bitumen field.<ref name=selstrom/> Tsimiroro has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels in [[tar sands]] at depths between 100m and 200m.<ref name=board>{{cite web |title=Madagascar Oil: Appointment to the Board |url=https://www.oilandgas360.com/madagascar-oil-appointment-to-the-board/ |website=Oil & Gas 360 |publisher=EnerCom, Inc |accessdate=16 April 2020 |date=20 March 2020}}</ref><ref name="Pons 2012"/> In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.<ref name="Madison 2015"/> On Madagascar Oil's blocks, previous exploration examples include the Manambolo West #1 well, drilled in 1987 that flowed gas at {{convert|15.6|e6cuft|m3}} per day on a drill stem test and abandoned as non-commercial partially due to a lack of infrastructure;<ref>{{cite web |title=Madagascar Oil |url=https://www.madagascaroil.com/image/GMP%20Analysis%20Report%208-23-11.pdf |publisher=GMP Securities |accessdate=16 April 2020 |location=London |date=23 August 2011}}</ref> and the Manandaza well drilled in 1991 that flowed 41° API [[light crude oil]].<ref>{{cite web |last1=Jeans |first1=Pete |title=Geological evolution and hydrocarbon plays of Madagascar |url=http://www.pj-exploration.co.uk/Z_MadagascarPESA_12_6_09.pdf |publisher=PJ Exploration Ltd |accessdate=16 April 2020 |location=Bourton on the Water, United Kingdom |date=1995}}</ref>


Madagascar Oil's projects are governed by [[production sharing agreements]] signed with [[OMNIS]], the relevant Malagasy government agency, in 2004. These agreements provide the [[Government of Madagascar]] with a significant stake in future production.
Madagascar Oil's projects are governed by [[production sharing agreements]] signed with [[OMNIS]], the relevant Malagasy government agency, in 2004. These agreements provide the [[Government of Madagascar]] with a significant stake in future production.


Major shareholders include BMK Resources Ltd (formerly Benchmark Advantage Fund, Ltd), Outrider Management LLC, SEP African Ventures Limited (formerly Persistency Capital LLC), and the [[John Paul DeJoria]] Family Trust.
The company's controlling shareholder is the Singapore-based Benchmark Group. Other shareholders are Outrider Management LLC, SEP African Ventures Limited (formerly Persistency Capital LLC), and the [[John Paul DeJoria]] Family Trust.<ref name=board/>


==References==
==References==

Revision as of 07:40, 16 April 2020

Madagascar Oil Limited
Company typePrivate
IndustryOil and gas [1]
Founded2004
FounderSam Malin, Alan Bond
Headquarters
Singapore
Key people
Al Njoo (Chairman & CEO)
ProductsHeavy crude oil
Websitewww.madagascaroil.com

Madagascar Oil SA is an oil company operating in Madagascar. It is the principal onshore oil company in Madagascar in terms of oil resources and land.

Madagascar Oil's operational office is in Antananarivo, Madagascar and its administrative offices are in Singapore. Its Chairman is Indonesian national Al Njoo.[2][3][4] Prior to this, the company was based in Houston, Texas and earlier in London, England.[5] The company's flagship oil field is Tsimiroro in the Morondava Basin of western Madagascar.[6] Madagascar Oil wholly owns its subsidiary, Madagascar Oil S.A.

History

Madagascar Oil was founded in 2004 by Canadian engineer Sam Malin and Australian businessman Alan Bond.[7][8][9][10] Its parent company was originally Madagascar Oil Limited (Mauritius).

In March 2006, simultaneous with a US$60m fund raising to North American managed hedge funds, the parent company was reorganised as Madagascar Oil Limited in Bermuda. In 2006, Madagascar Oil launched its first licencing round involving 44 offshore blocks in the Morondava Basin.[11]

In 2008, a business agreement granted Total S.A. the operating license for and sixty percent interest in the Bemolanga oil sands.[12][13] In 2010, it raised £50 million in its IPO to finance a pilot project in the Tsimiroro Field.

Madagascar Oil was listed on the Alternative Investment Market (AIM) of the London Stock Exchange from 2010 until 2016. In December 2010, the trade of company's share was suspended after the Malagasy government announcement that the most of the company's oil licenses would be annulled.[14] The dispute was solved and the trade at the AIM restarted in June 2011.[15] The company delisted in 2016.

In January 2015, Robert Estrill was appointed CEO of Madagascar Oil.[16] On 15 April 2015, the government granted to the company a 25-year license on the oil production at the Tsimiroro block 3104.[17] In February 2019, the new Malagasy president Andry Rajoelina cancelled an ongoing licencing round involving 44 blocks in the Morondava basin until further notice.[11]

Description

Madagascar Oil focuses on the development, exploration and production of petroleum. In 2008, Madagascar Oil held the largest licensed onshore acreage in Madagascar.[12] Madagascar Oil holds the large heavy oil fields of Tsimiroro and Bemolanga, which are their primary oil fields.[6][18]

The company operates the 100%-owned Tsimiroro heavy oil field, while Total S.A.,[12] its farm-in partner, operates the 40%-owned Bemolanga bitumen field.[19] Tsimiroro has 2P reserves of 614 million barrels and 3C resources of 1.6 billion barrels in tar sands at depths between 100m and 200m.[20][21] In addition to the Tsimiroro and Bemolanga, the company holds three exploration blocks: Manambolo, Morondava and Manandaza.[22] On Madagascar Oil's blocks, previous exploration examples include the Manambolo West #1 well, drilled in 1987 that flowed gas at 15.6 million cubic feet (440,000 m3) per day on a drill stem test and abandoned as non-commercial partially due to a lack of infrastructure;[23] and the Manandaza well drilled in 1991 that flowed 41° API light crude oil.[24]

Madagascar Oil's projects are governed by production sharing agreements signed with OMNIS, the relevant Malagasy government agency, in 2004. These agreements provide the Government of Madagascar with a significant stake in future production.

The company's controlling shareholder is the Singapore-based Benchmark Group. Other shareholders are Outrider Management LLC, SEP African Ventures Limited (formerly Persistency Capital LLC), and the John Paul DeJoria Family Trust.[20]

References

  1. ^ Hall, Christine (26 March 2007). "Madagascar Oil opening administrative headquarters in Houston". Houston Business Journal. Retrieved 15 December 2015.
  2. ^ O’Dell, Alastair (4 February 2020). "Heavy hitter searches for global reach". Petroleum Economist. Houston, Texas. Retrieved 16 April 2020.
  3. ^ Hilyard, Joseph (2008). 2008 International Petroleum Encyclopedia. PennWell Books. p. 229. ISBN 9781593701642.
  4. ^ "Admission Document" (PDF). Strand Hanson Limited, Mirabaud Securities LLP, GMP Securities Europe LLP. pp. 18, 21. Retrieved 16 December 2015.
  5. ^ Perin, Monica (16 April 2007). "Well-known London oil company ready to drill into Houston". Houston Business Journal. Retrieved 15 December 2015.
  6. ^ a b "Madagascar Oil sees crude flowing from island soon". Reuters. 30 October 2012. Retrieved 15 December 2015.
  7. ^ Matthews, Dan (2010). The New Rules of Business: Leading Entrepreneurs Reveal Their Secrets for Success. Petersfield, Hampshire: Harriman House. pp. 118–119. ISBN 9781906659165. Retrieved 29 February 2016.
  8. ^ Cowan, Sean; Ghandour, Rania (24 January 2005). "Bond busy spruiking Madagascar Oil venture". The Age. Melbourne. Retrieved 29 February 2016.
  9. ^ Barry, Paul (3 June 2007). "Greed won't let Alan Bond rest". Sunday Telegraph. Sydney. Retrieved 29 February 2016.
  10. ^ Rabe, Norbert. "A review of exploration for non conventional hydrocarbon resources in Madagascar". Oil and Mining in Madagascar. Retrieved 29 February 2016.
  11. ^ a b Ian Lewis, Left waiting at the altar in Madagascar, Petroleum-economist.com, 27 February 2019
  12. ^ a b c Gunter, Ford (15 September 2008). "Madagascar Oil, Total to develop oil reserves on island of Madagascar". Houston Business Journal. Retrieved 15 December 2015.
  13. ^ Rozeboom, Annelie (19 September 2013). "Tullow Sees Oil Find in Madagascar as Drilling Set to Start". Bloomberg Business. Retrieved 15 December 2015.
  14. ^ Mason, Rowena (17 December 2010). "Madagascar Oil shares suspended over fears licences will be seized". The Daily Telegraph. Retrieved 15 December 2015.
  15. ^ Mason, Rowena (24 June 2014). "Madagascar Oil to return to AIM market". The Daily Telegraph. Retrieved 15 December 2015.
  16. ^ Jamie Ashcroft, Madagascar Oil hires new CEO and heavy-oil specialist, Proactiveinvestors.co.uk, 22 January 2015
  17. ^ "Madagascar Oil SA décroche le titre minier de mise en valeur du PSC Tsimiroro bloc 3104" [Madagascar Oil SA won the mining license of the Tsimiroro block 3104] (in French). Ecofin. 16 April 2015. Retrieved 15 December 2015.
  18. ^ "Exxon to resume Madagascar work four years after coup". Reuters. 7 November 2013. Retrieved 15 December 2015.
  19. ^ Sellström, Tor (2015). Africa in the Indian Ocean: Islands in Ebb and Flow. Brill Publishers. p. 123. ISBN 9789004292499.
  20. ^ a b "Madagascar Oil: Appointment to the Board". Oil & Gas 360. EnerCom, Inc. 20 March 2020. Retrieved 16 April 2020.
  21. ^ Pons, Christophe (25 October 2012). "How will oil affect Madagascar's environmental riches?". BBC News. Retrieved 15 December 2015.
  22. ^ Madison, Doug (17 November 2015). "Madagascar Oil's "Buy" Rating Reaffirmed at Mirabaud Securities (MOIL)". Dakota Financial News. Retrieved 15 December 2015.
  23. ^ "Madagascar Oil" (PDF). London: GMP Securities. 23 August 2011. Retrieved 16 April 2020.
  24. ^ Jeans, Pete (1995). "Geological evolution and hydrocarbon plays of Madagascar" (PDF). Bourton on the Water, United Kingdom: PJ Exploration Ltd. Retrieved 16 April 2020.
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